FY 2018 RESULTS PRESENTATION March 15, 2019 0
0.13” / 0.33cm 0.13” / 0.33cm (11.69”) (8.27”) Disclaimer This document does not constitute or form part of any offer to sell or issue or invitation to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for, any securities of the Company. The information, statements and opinions contained in this presentation do not constitute any advice or recommendation regarding the securities of the Company, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. To the extent available, the industry, market and competitive position data contained in this presentation come from official or third party sources. We have not, however, independently verified the information in industry publications, market research or other publicly available information provided by third parties, although we believe the information contained therein to be from reliable sources. In addition, certain of the industry, market and competitive position data contained in this presentation come from our own internal research and estimates based on the knowledge and experience of the Company's management in the markets in which we operate. Although we believe our internal estimates to be reasonable, these estimates have not been verified by any independent sources. We cannot, therefore, assure you of their accuracy, or that a third party using different methods would obtain the same results. Accordingly, you should not place undue reliance on any of the industry, market or competitive position data contained in this presentation. We do not intend, and do not assume any obligation, to update industry, market or competitive position data set forth in this presentation. As a result, you should be aware that data in this presentation and estimates based on those data may not be reliable indicators of future market performance or our future results. This presentation includes forward-looking statements. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. You can identify forward looking statements by their use of words such as "anticipate", "estimate", "believe", "intend", "plan", "predict", "may", "will", "would", "should", "continue", "expect" and similar expressions, although these expressions are not the exclusive means of identifying forward-looking statements. Forward looking statements involve risks, uncertainties and other important factors over which we may have limited or no control. These factors could cause our actual results, performance or achievements to differ materially from any future circumstances, results, performance or achievements expressed or implied by such statements. As a result, you should not place undue reliance on such statements. Changes in customer tastes and spending patterns; changes in customer traffic; ability to accurately predict customer preferences and demands; ability to successfully implement new store rollout and retail strategy; effectiveness of brand awareness and marketing programmes; difficulties that can be observed in retail fashion and fragility that can be observed in customer loyalty; competitive factors in retail fashion; impact of extreme unseasonal weather conditions on retail fashion; ability to retain key management and personnel; circumstances affecting relationships with major suppliers and distributors; currency and interest rate risks and fluctuations and other changes in financial markets and macro economic conditions; changes in tax rates, applicable laws and government policies and operational disruptions, natural disasters, wars, terrorist activities, work stoppages, slowdowns or strikes are, without any limitation of the foregoing, among these risks, uuncertainties and other important factors. You can find further details of the principal risks and uncertainties affecting the Company in the explanatory notes of financial statements and in the “Risk Management and Internal Control System” section of the Annual Report. The forward-looking statements included in this presentation represent the Company's views as of the date of this presentation. These views could change. In consequence, you should not rely on these forward-looking statements as representing the Company's views as of any date after the date of this presentation. The information and opinions contained in this presentation, including the forward-looking statements described above, are provided as at the date of this presentation. They are subject to change without notice. The Company expressly disclaims any obligation to update any such information or opinions except any obligation arising from applicable capital markets regulations. 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0.13” / 0.33cm 0.13” / 0.33cm (11.69”) (8.27”) Solid Growth with Improved Margins PROFITABLE GROWTH TURKEY RETAIL HIGHLIGHTS Consolidated revenue increased by 32% 46% 77% 22.5% 32% to 2,353 TRYm Revenue EBITDA % of Turkey LFL Growth EBITDA grew by 46% to 367 TRYm Growth Growth Revenue resulting in 15.6% EBITDA margin Net Profit grew by 12% and reached 101 TRYm. Excluding fx impact, net c.56% 15.6% 12% profit growth would be 44% Lifestyle Store roll-out continued with 13 net Net Profit EBITDA c.44% Growth new stores in Turkey to reach a total Margin of 300 own operated stores in Turkey 37% 63% 1 Denim All and 427 monobrand stores globally 0.3x 427 1 5.3 mn 2 Turkey Retail LFL revenue grew by Loyalty Card 22.5 % Net Debt / Monobrand Members EBITDA Stores With 1.1M new customers in 2018 1 Includes global franchise and owned stores 2 Active means that the member has made a purchase of Mavi product over the last two years. Total number active Kartuş card holders reached of Kartuş card holders is 7.3mn 5.3 mn 2 2 2
0.13” / 0.33cm 0.13” / 0.33cm (11.69”) (8.27”) Revenue Growth Above Targets in all Channels Global Revenue (TRYm) Turkey Revenue (TRYm) 2,353 Channel 1,915 Growth 1,453 92% 1,782 43 78 103% 23 401 575 39 743 467 35% 345 298 431 561 19 33% 8 1,471 72 33 1,133 30% 14 36 1,531 153 377 103 1,182 302 29% 389 315 Q4 2017 Q4 2018 2017 2018 Q4 2017 Q4 2018 2017 2018 International Revenue (TRYm) Retail Wholesale E-com Total revenue consists of 65.1% retail, 31.6% wholesale and 3.3% e-com 438 118% 329 Mavi Turkey constitutes 81% of total consolidated 35 revenue 16 30% 86 108 343 263 6 22% 14 67 81 61 50 13 13 Q4 2017 Q4 2018 2017 2018 3 3
0.13” / 0.33cm 0.13” / 0.33cm (11.69”) (8.27”) Resilient Performance of Turkey Retail Operations # of Retail Stores Turkey Retail Revenue (TRYm) 50 Net 54 234 26 13 25 New Stores 1,471 1,133 300 287 261 2016 2017 2018 Gross Selling Space in Turkey (Sqm K) Avg. 13 net new store openings in 2018 498sqm 484sqm Sqm/ Retail Store 10 stores expanded in 2018 2.3 7.9 Total selling space reached 149,3K sqm 149.3 138.9 with average 498 sqm per store 2017 New Store Expansion 2018 4 4
0.13” / 0.33cm 0.13” / 0.33cm (11.69”) (8.27”) … Supported by High Like-for-like Growth Figures 22.8% 22.5% 14.7% 1 12.0% 9.9% 1 14.7% Transaction 2 14.1% 7.3% # Growth (%) 10.8% 2015 2016 2017 2018 2015 2016 2017 2018 9.4% 7.1% 6.9% • Brand recognition leading to new 1 customer acquisition and increased Basket Size 3.9% spending Growth (%) • Right product at the right price coupled with superior service and quality 2015 2016 2017 2018 25-34 42% Turkey retail only, 1 2016 adjusted figures(excluding July performance of all Turkey retail stores, impacted by the Coup attempt and the performance of the Beyoğlu stores). The unadjusted LFL growth, Transaction Growth and Basket Size Growth are 10.8%, 6.8% and 3.7% respectively for 2016. 2 Number of transactions refers to number of issued invoices. 5 5 Note: LFL revenue constitutes 87% of Turkey retail revenue in 2018
0.13” / 0.33cm 0.13” / 0.33cm (11.69”) (8.27”) Accelerated Sales Growth in Denim & Lifestyle Categories Denim Products (TRYm) Lifestyle Products (TRYm) Denim All Knits Shirts 44% 22% 14% 320 199 235 147 651 526 2017 2018 2017 2018 Jackets Accessories 1 9% 7% 135 97 98 2017 2018 74 2017 2018 2017 2018 % Share in 2018 Turkey retail net sales Total Lifestyle Categories Growth : 35% Note: Turkey Retail Net Sales Only. 1 Including shoes 6 6
0.13” / 0.33cm 0.13” / 0.33cm (11.69”) (8.27”) Strong Margin Improvements in GM and EBITDA Negative FX Volatility Impact on Net Income Revenue (TRYm) Gross Profit (TRYm) 48.1% 51.3% 51.4% 50.9% 2,353 1,208 1,782 906 575 277 431 222 Q4 2017 Q4 2018 2017 2018 Q4 2017 Q4 2018 2017 2018 Net Income (TRYm) EBITDA (TRYm) 10.9% 15.6% 4.3% 10.3% 14.1% 1.4% 5.1% (0.1%) 367 252 1 144 100 1 63 44 101 90 6 (0) Q4 2017 Q4 2018 2017 2018 Q4 2017 Q4 2018 2017 2018 % Growth % Margin 7 7 1 Net income in would have improved 44% in FY18 excluding the fx gain/loss impact
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